Oil Prices Jump After Easter Holiday

31 March, 2016

After sliding the previous week, oil prices managed to edge higher a day after the Easter as most of the market players hoped for the cooperation of the major oil producers to the output freeze on their meeting on April 17.

Brent crude futures changed hands at $40.53 per barrel, an increase of 9 cents while the U.S. crude’s front-month contract climbed to 20 cents to trade at $39.66 per barrel.

Despite the current surge in oil prices, most of the experts still believed that the global glut supply will weigh on the commodity in the long run, capping its gains. However, the downbeat U.S. oil output and the positive U.S. gasoline demand keep the oil prices steady.

The Organization   of the  Petroleum Exporting Countries will have a meeting in Doha, Qatar on April 17 and only 10 countries have agreed to grace the event at the time of writing. A senior oil and gas analyst shared that the conference of the OPEC members and non-members must bring something to address the unresolved issue of global glut or else the recent gains of the commodity will vanish instantly.

Based on the recent data released by the U.S. Energy Information Administration, crude oil inventories reached 9.4 million barrels to 532.5 million barrels the previous week.

For the week, the American Petroleum Institute will report its weekly data on U.S. oil supplies on Tuesday as the United States is on set to disclose its private sector data on consumer confidence. On the same day, Federal Reserve Chairwoman will deliver a speech at the Economic Club  of New York.

On the other hand, the U.S. Energy Information will also report the data on weekly oil supplies on Wednesday while the United Kingdom will show its data on fourth quarter growth together with current account and net lending on Wednesday.

Investors are expected to be watchful on the  U.S. stockpile and on the newest supply and demand signals for the week.

Source link  
Gold Gains Ahead Of US Jobs Data

Market players kept their guards up as they await the US labor data report, a strong reading of which could urge the Federal Reserve to increase interest rates this month – a decision that would be bearish for non-interest bearing gold...

US Inflation Data Projected To Surge

The US economic growth has been sluggish in the first quarter, although not as strongly as initially expected, amid an increase in spending on home architecture and a constant increase in inventory investment by business...

Goldman Sachs: Market Flips into Deficit, Oil Surges

Oil prices increased more than 1 percent on Monday after Goldman Sachs stated that the market has ended for nearly two years of oversupply subsequent to a global oil disruptions and a market deficit...

AUD, NZD Edge Higher but Gains Still Limited

The Australian and New Zealand dollars rallied against the greenback on Wednesday, but gains were anticipated to stay capped by lower prices of crude oil...

World Stock Markets Soar

World stock markets rallied on Tuesday, fueled by a strong corporate earnings in Europe, including improvements on Greek debt talks and Japan’s new pledge in preparation to a weaker currency...

Gold Rallies as USD Plunges to 16-month Lows

Gold prices ticked higher as the greenback slid to 16-month lows during the session earlier. On the Comex division of the New York Mercantile Exchange, gold delivery for June rallied at $1,303.85 per troy ounce, advancing $6.55 or 0.51 percent...

Asian Shares Tumble, Nikkei Falls Against Yen

Analysts forecast that Germany DAX would hit 0.06 percent higher when the market opens, while France’s CAC 40 was anticipated to remain steady. Meanwhile, UK markets are closed due to a public holiday.

US Stocks Down after BOJ Hold Interest Rate

Shares in the U.S. plummeted following the decline of the stocks in the Asian market as the Bank of Japan left the interest rate unchanged...

U.S. futures Slides Ahead of Data Flow

Wall Street futures dropped on Friday after the Dow issued its first decline of more than 1% in two months, while investors are closely watching on data...

In the past 24 hours Bitcoin has gained 0.2% and reached $6753.69. Open your trading account with the best cryptocurrency brokers on special terms today.

In the past 7 days the EUR/USD pair has lost -0.9545% and is now at $1.164. Start trading and making money on Forex today.

In the past 7 days Ethereum has gained 6.23% and is now at $535.086. Have the most popular cryptocurrencies compared online 24/7.

Top Brokers offering Forex Market Analysis

Forex Currencies Forecasts

Top 10 Forex Brokers 2018

# Broker Review
4FIBO GroupFIBO Group80%
9FP MarketsFP Markets70%